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This Week:
- Gold & Silver in NZ Dollars: 2017 in Review & Our Punts for 2018
- The End of the Strong Aussie (and Kiwi?) Dollar
- The Last Great Silver Buy
- Cryptocurrency Crackdown
Prices and Charts
Gold Up, Silver Down
Silver has underperformed gold this past week. With the NZ Dollar continuing to strengthen, this has been the main factor in local precious metals prices being much weaker than US Dollar prices this week. Much more on the NZ Dollar to come later.
Gold in NZ Dollars is consolidating just below $1850 after the sharp rise at the end of last year. The much stronger NZ Dollar has been key in keeping the NZ gold price down so far this year. But that may not last much longer.
Silver in NZ Dollars has been struggling of late, down almost half a percent this past week.
Silver, whether in NZ or US dollars, is trading in a large wedge formation. A formation that it will have to break out of pretty soon. We think odds favour this breakout being in line with the longer term trend in silver – which is up over the last 3 years.
Kiwi Dollar Seriously Overbought and Due a Fall
As noted earlier the strengthening Kiwi Dollar has taken the wind out of local gold and silver prices the past couple of weeks.
But the dollar remains extremely overbought as it has been since the start of the year. A drop in the dollar is therefore overdue.
We believe the longer term trend for the Kiwi dollar this year is down.
For more on why that may be check out this article:
Unsure About Any Terms We Use When Discussing the Charts?
Remember to check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:
Continues below
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Gold & Silver in NZ Dollars: 2017 in Review & Our Punts for 2018
Time for our annual gold and silver in review article.
In our feature post this week we look at how gold and silver in New Zealand Dollars performed over 2017.
Then we look back at how we fared with our predictions for 2017.
Before finally having a few punts as to what might happen this year for gold and silver and the Kiwi Dollar.
Your Questions Wanted
Finally Remember, if you’ve got specific question, be sure to send it in to be in the running for a 1oz silver coin.
Cryptocurrency Crackdown
Regardless of what you think about cryptocurrencies they have likely raised awareness of the problems with the current monetary system. Plenty of people who had never heard the term “fiat currency” now have a better understanding of just what that term means.
So no surprises that governments are cracking down on Bitcoin and cryptocurrencies. Just as they have attempted to control gold and silver so too are they wanting to control cryptocurrencies.
The US is looking into how it can avoid bitcoin becoming the “next swiss bank account”.
News that the South Korea government might still ban crypto trading sent bitcoin and other currencies falling this morning. And China may yet try to ban or restrict bitcoin mining. Source.
Somewhat surprisingly to many gold is showing an inverse correlation to bitcoin so far this year. Rising while the cryptocurrency falls.
So GATA chairman Bill Murphy may be right when he says:
Bitcoin profits may be converted to monetary metals purchases
GATA Chairman Bill Murphy, interviewed this week by GoldSeek Radio’s Chris Waltzek, discusses the improving prospects for monetary metals prices and speculates that bitcoin investors may start to convert their profits into gold and silver. The interview is 10 minutes long and can be heard at GoldSeek Radio here.
If you’ve got bitcoin profits, or business profits, or profits from selling a property or any profits for that matter, which you’d like to convert to gold or silver, then get it touch.
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